How High Can Ripple’s XRP Token Go in July?
Journalist
- Buying pressure on XRP has increased over the past week.
- Market indicators looked bullish for the token.
The entire crypto market has seen major volatility over the past week, and XRP was one of those markets as its value dropped.
However, the last 24 hours have been in investors’ interest as the token’s chart finally turned green. Let’s take a closer look at the token’s state to predict XRP’s price action.
Current State of XRP
Data from CoinMarketCap has shown that the price of XRP has fallen by more than 9% over the past seven days. However, bears lost their grip on the market as the token’s price increased marginally over the past 24 hours.
At the time of writing, XRP was trading at $0.4359, with a market cap of over $24.2 billion.
AskFX’s analysis of Santiment data revealed that even though the price of the token remained low, investors decided to accumulate more tokens. This was evident from the decrease in supply on exchanges.
Santiment
Whale activity around the token remained high over the past week as the number of whale transactions also increased. The token’s trading volume also increased, laying the groundwork for future rallies.
The token’s growth on the network remained high. This means that new addresses were created for the token.
XRP’s NVT ratio has increased after a decline. An increase in this metric indicates that an asset has become overvalued and may require a correction.
Santiment
AskFX analyzed XRP’s daily chart to see if a possible price increase was feasible. We found that the token’s price had reached the lower boundary of the Bollinger Bands. This often leads to a price increase.
The Relative Strength Index recorded an increase. The Chaikin Money Flow (CMF), a measure of the amount of money flowing into a currency, also showed a similar trend. This suggests that a price increase is imminent.
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Then we wanted to look at the information from Hyblock Capital to determine the XRP price. According to our analysis, if XRP turns bullish, the token value could soon reclaim $0.493.
If the token can break through this mark, it could reach $0.526 within the next few days.
Source: Hyblock Capital.
XRP market cap expressed in BTC. Whether realistic or not, here is the weekly chart of XRP.
Then we looked at the weekly chart of XRP for long-term targets. We first found a wedge pattern. The token could reclaim $0.66 if it breaks above the pattern.
Continuing north, the next available chart would be $0.94. Should the token break through this threshold, it could reach $1.4 within the next few months.
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